[2014-04-12] Bloomberg: Bitcoin Mining Boom Sputters as Prospectors Face Losses

[bryant.coleman]

http://www.bloomberg.com/news/2014-04-11/bitcoin-mining-boom-sputters-as-prospectors-see-real-cash-losses.html

Drawn by the virtual currency’s jump in value last year, digital prospectors have turned the mining industry into an arms race as they buy expensive computing equipment and gobble up electricity. While that worked well as long as bitcoin’s value kept rising, smaller players are now being crowded out by bigger competition, high utility bills and declining prices.

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[CoinMode]

http://www.bloomberg.com/news/2014-04-11/bitcoin-mining-boom-sputters-as-prospectors-see-real-cash-losses.html

Drawn by the virtual currency’s jump in value last year, digital prospectors have turned the mining industry into an arms race as they buy expensive computing equipment and gobble up electricity. While that worked well as long as bitcoin’s value kept rising, smaller players are now being crowded out by bigger competition, high utility bills and declining prices.

Typical of Bloomberg to fud for the Fed. Nothing to see here.

[jdun]

And I almost spent $2000 on an asic bitcoin miner a couple months ago. I probably would have received it right about now, then have been kicking myself for shoveling out the dough. Better to spend $2000 just buying bitcoins

[bryant.coleman]

And I almost spent $2000 on an asic bitcoin miner a couple months ago. I probably would have received it right about now, then have been kicking myself for shoveling out the dough. Better to spend $2000 just buying bitcoins

In November - December 2013, mining was looking more profitable than it is today. Who thought that the Bitcoin exchange rates will plummet by 70%?

[Bit_Happy]

And I almost spent $2000 on an asic bitcoin miner a couple months ago. I probably would have received it right about now, then have been kicking myself for shoveling out the dough. Better to spend $2000 just buying bitcoins

In November - December 2013, mining was looking more profitable than it is today. Who thought that the Bitcoin exchange rates will plummet by 70%?

Who thought that...
I knew down 70% was very possible.
I'm "praying" we bottom now and don't end up down 90% (or more)